The EOS price formed a gradually descending graph on the 1-Day chart for the 15th of July. Crypto analysts on TradingView have discussed two scenarios for the cryptocurrency’s price, i.e., a bullish trend and a bearish trend.
1-Day EOS price analysis
EOS traded at $2.515 US Dollars at the time of writing. At the same time, the day’s high and low were observed at $2.58 and $2.44 at different intervals.
Will EOS turn bullish or bearish?
Jojo Fang is a TradingView analyst who has highlighted a falling wedge pattern on the 1-Day chart for the EOSUSD pair.
The analyst believes that the cryptocurrency may move short towards the support of the trading channel that is shown in the chart above. If the cryptocurrency breaks below the chart, the price line will further recede and move towards the $1.5 mark.
As per the second scenario explained in the idea, if the EOSUSD pair moves towards the ceiling of the trading channel at the $2.6 mark and breaks above it, the cryptocurrency’s price will see a rise across the $3.0 level.
On the weekly chart, a strong sell impulse is observed, but the price does not appear to form any continuation structure for any further descending move.
What to expect from the EOS price?
As per the idea, if the price breaks above the descending triangle, the price line will then move towards the resistance of the descending parallel channel that is shown in red. If the price consolidates above this resistance level, this will depict a reversal of the main trend.
On the contrary, if the trading pair breaks below the descending triangle, then the cryptocurrency’s price is expected to fall towards the $1.55 mark.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.